6 Ways Nigerians Can Make Money from Cryptocurrencies in 2018Kehinde LAWAL
Today, I will be sharing with you the top 6 Ways Nigerians Can Make Money from Cryptocurrencies in 2018.
1. Invest in ICOs – Initial Coin Offering (ICOs) is a way Blockchain companies use to get money from early investors in exchange for a Currency/Token, which investors can sell back for profit or exchange for fiat at a later date.
While it’s very profitable to invest in ICOs, I won’t advice you to just invest in any type of ICOs. It’s highly important to look at the team behind the Blockchain Solution, and whether the problem they’re solving is realistic and achievable within feasible time.
2. Invest in Undervalued Coins – Another easy way to make money from CRYPTO is by investing in coins that are currently undervalued when compared with similar coins/projects.
A good example is looking at Ethereum, Stratis and Lisk. These 3 coins are solving the problem of creating decentralized applications on the Blockchain. However, ethereum is far expensive in value/price when compared with others. This means if you buy either Lisk or Stratis, the price would also skyrocket, when it has the same network usage and community capacity like that of Ethereum.
Let’s also consider privacy coins like Dash, Monero and Verge. Dash cost $800, which is far more expensive when compared with Monero and Verge which cost $311 and $0.087 respectively. This means if we buy verge now, it’s most likely double or triple in price when it reaches the network usage and community capacity like that of Dash.
3. MasterNode – Here you simply put a large amount of a particular cryptocurrency in a wallet for a long period of time, you then get a monthly return on those nodes. This just a way to compensate long-term believers and backers of a particular cryptocurrencies i.e. people that buy in large sum and won’t be selling or dumping it anytime soon.
The downside is that you need a large quantity of the particular cryptocurrencies before you can run a Masternode. A good example is dash masternode which requires over 2000 qty of dash and Neutron Masternode which requires over 25,000 qty of Neutron.
4. Trade News and Bounces – This requires buying a particular crypto before it gets listed on a popular exchange, then selling it off after being listed and the price has sky rocketed. This also called buying the rumor and selling the news. You simply buy a crypto before an important team update/news is made to the public, and then sell it afterwards when the news as been made and the price as sky rocketed.
This not the same as day trading. You should never day trade as it’s like risking too much for a tiny profit, when you can make more money by buying the rumor and trading the bounces.
5. Staking Coins – This a way to make money from coins that uses the proof of stake (POS) algorithm. Unlike Bitcoin and dash which uses proof of work/mining to verify transactions, POS coins are confirmed by staking a particular amount of that coins.
A percentage is usually giving to people who stake their coins. But if you’re a hacker who confirmed a wrong transaction, you will lose all the money you staked once the network figured it to be a fake transaction.
6. Free Rewards – This is usually inform of Bounty and Air drops. Bounty simply means giving some cryptocurrency to people who had performed specific task like referral, advertising or posting about that cryptocurrency.
Air drop on the other hand, means compensating users of a cryptocurrencies by depositing equal amount of crypto in everyone wallet address. A popular air drop I got is TRON. I received 500 TRX on my Liqui.io account, because i had an account.
Thanks for reading this post/watching this video tutorial.
Lets go make the money of our dreams and meet at the top.